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Fifteen Days in April

by Michael J. Kosares, Gold Seek:

Editor’s note: Assembled below are fifteen of the best insights and observations on one of the strangest and confusing fifteen day periods in the history of the gold market — a flash crash, a global rush to purchase and a healthy bounce.

1. Peter Grant/USAGOLD (as quoted at Kitco News):
“The price discovery occurs in the paper market. The paper market drove the price down for physical. And there had been a large amount of pent-up demand that just absolutely came out of the woodwork. We were as busy last week and into this week as we’ve been since the financial crisis of 2008-09. It was absolutely unbelievable demand for physical. Physical buyers are not speculators,” he continued. “Our clients are primarily concerned with wealth preservation, portfolio diversification, hedging and so forth. They are not speculators. When the paper market provides a gift (of lower prices), and it was an unnerving gift to be sure…the physical buyers do indeed tend to come out in force to underpin the market.”

Read More @ GoldSeek.com

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